Home Business News GCC stock markets rebound and see positive outlook

GCC stock markets rebound and see positive outlook

by Amy Johnson LLB Finance Reporter
27th Feb 24 11:45 am

GCC stock markets recorded better performances today with some markets rebounding significantly, buoyed by strong earnings, the potential for easing geopolitical tensions, and more stable oil prices.

However, traders could remain cautious ahead of economic data releases this week.

The Saudi market rebounded after two days of declines, with most sectors showing gains. The strong fundamentals of the Saudi market suggest a potential for additional gains and an extended bullish trend.

Aramco recovered from its recent losses, while banks like Al Rajhi and Saudi National Bank  Bank and others led the banking sector. The positive sentiment has also supported Avalon Pharma’s trading debut as it surged by 30%.

In Dubai, the market recovered from its recent declines, driven by gains in the financial sector, notably Commercial Bank of Dubai, Emirates NBD, and Dubai Islamic Bank.

Union Properties extended its gains, though other sectors lagged slightly, dampening the overall positive momentum. Strong local fundamentals and receding concerns around geopolitical tensions could help drive the market further to the upside. The coming IPO of Parkin could also push performances and attract investors.

Abu Dhabi’s market rebounded after hitting last October’s support level while changes in expectations around the geopolitical situation could improve sentiment. However, the market could remain at risk if oil prices decline again.

The Qatari market also experienced an uptick, continuing its positive streak primarily due to strong performances in the banking sector, with Qatar Islamic Bank and QNB leading the way. However, Nakilat faced price corrections after its strong gains this month.

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